The prices of cryptocurrencies have fallen massively during the last few days. But what is causing this big decline. Well, I can think of the following three main reasons.
1. India's finance minister says Bitcoin and other cryptocurrencies are not legal
India's finance minister said that the government of India does not consider Bitcoin as a legal tender [1]. However, this is an unnecessary FUD, as purchasing and selling of Bitcoin and other cryptocurrencies is still allowed in India.
2. China bans cryptocurrency trading completely
China has completely banned cryptocurrency trading [2]. At the end of 2017, they just banned trading on domestic exchanges, but now they have even banned trading on foreign exchanges.
3. Some banks have banned purchasing cryptocurrencies with their credit cards
Some major banks have banned purchasing of cryptocurrencies with their credit cards [3]. However, this is yet another unnecessary FUD, as you can still buy them with your debit card.
Will the prices go down even further?
Probably yes, because US's major financial regulatory authorities will solely discuss about virtual currencies today (6th February) [4]. Depending upon the outcome of that meeting, the prices can go further south!
References
[1].https://www.hindustantimes.com/india-news/union-budget-2018-bitcoin-other-cryptocurrencies-not-legal-govt-to-eliminate-their-use/story-MrpXhzzrc9HwNxItWuGw3L.html
[2].http://www.scmp.com/business/banking-finance/article/2132009/china-stamp-out-cryptocurrency-trading-completely-ban
[3].https://www.extremetech.com/internet/263351-major-banks-begin-banning-cryptocurrency-purchases-credit-cards
[4].https://cointelegraph.com/news/us-sec-cftc-to-focus-100-on-crypto-in-dedicated-hearing-next-week
But still I would like to say it's a great Investment Opportunity. You will see the High Prices of Bitcoin in April 2018 & Other Alt Coins. This is my Prediction by the way :) I am not an Crypto Expert.
Yes, hopefully. But I would still advise you to wait for the prices to go down further before buying them.
There are many views about the future of cryptocurrencies presentedby the crypto expert and after reading their views everyone is confused these days about the future of crypto but it is hoped this year is going to be momentous year for the crpto industry... Let us wait for coming days
A few years ago it was almost impossible to buy crypto with a credit card. It didn't stop people
Bitcoin's price has rebounded today back up into the mid $7000 range after bouncing off a price floor with a large amount of volume. This does not necessarily mean we have found the floor yet though, as the downward momentum from the past month will take time to counter, but things are looking healthier in the market, with many coins seeing 10-25% rebounds🙂
The cryptocurrency price will skyrocket after negative circulation of news stopped and everyone invest in it😀
It's brutal!
Should be great if the market starts to rebound today.
I can already see some green. A good news from the meeting today in Washington may give the necessary shot in the arm to get the prices going up fast.
Every year same story repeats . It got banned in China 4-5 months ago . Why did Btc touch 19k after that ?
Good article and I agree that the outcome of today might drive prices even lower.
I do think however that with time the market will recover to former highs. The tech (of some projects) is just to good.
In case of a bad outcome today, what prices BTC/mcap do you expect at the end of the week?
I think even $3000 is possible.
The support at 6k seems very strong.
Thanks for info
cryptocurrency game is very strange. If two countries are banning bitcoin, how it badly impact on bitcoin.